Adobe Inc. (NASDAQ:ADBE) Short Interest Update

Adobe Inc. (NASDAQ:ADBE) was the target of a large decrease in short interest in July. As of July 31st, there was short interest totalling 5,070,000 shares, a decrease of 18.2% from the July 15th total of 6,200,000 shares. Approximately 1.2% of the company’s stock are sold short. Based on an average daily trading volume, of 3,230,000 shares, the short-interest ratio is currently 1.6 days.

Analysts Set New Price Targets

Several research firms recently commented on ADBE. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Barclays raised their price target on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Evercore ISI restated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. BMO Capital Markets boosted their target price on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Finally, Mizuho reaffirmed a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $601.38.

Adobe Stock Performance

Shares of ADBE stock opened at $553.46 on Friday. The business has a 50 day simple moving average of $537.27 and a 200 day simple moving average of $522.93. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $245.40 billion, a price-to-earnings ratio of 49.73, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. Adobe has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.04 EPS. On average, equities research analysts anticipate that Adobe will post 14.69 EPS for the current year.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,523 shares of company stock worth $14,994,277. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ADBE. Tradewinds Capital Management LLC grew its position in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its holdings in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares during the period. Wetzel Investment Advisors Inc. purchased a new stake in Adobe during the fourth quarter valued at about $35,000. Summit Securities Group LLC purchased a new position in shares of Adobe in the second quarter worth approximately $33,000. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe during the second quarter valued at approximately $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.